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Recommendation for broker/platform/data for scalp/trading stocks
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Recommendation for broker/platform/data for scalp/trading stocks

  #21 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
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Grantx View Post
Am I correct in saying that in order to trade futures I need the following:

1. Pay for a platform such as ninja trader. $900

2. Pay for a data feed. $50 to register and then $78 per month.

3. Pay IB a monthly fee (How do they fit into this picture? Im paying for a platform and datafeed already)

4. Buy a 'proper' VSA indicator because the standard ones are pointless. Dont know how much I imagine about $500?



What other costs are involved to get properly setup?



It can be done for less. Kinetick is a white label from NinjaTrader for IQFEED and is some what less expensive. The difference being Kinetick works only with Ninja and only one connection at a time. IQFEED works with many platforms and can be connect to many at the same time. I sometimes do NT8 and NT7 at same time, for example. I always connect NT8 and PriceSquawk to IQFEED at the same time.

One reason I use IQFEED is for the excellent market internals and the ones they calculate too, hundreds and hundreds. Great stuff! You can get data included with many brokers but the draw back in my eyes is the lack of market internals which to me are extremely important and I'm blinded to the bigger picture without.

Only fees for IB is if you aren't trading and have lower than $100k in your account, other than commissions. Otherwise they pay you a tiny bit of interest.

At some point Ninja will have they own volume profile tool or tools but they give no timeline.

I feel choosing these 3 party tools is a paramount decision. You want to look for quality programming skills. Code introduced into Ninja basically becomes an integral part of it, and any errors wreak great havoc and cause many nightmares. Choose wisely. For example I use Rancho and Troy is an ex-Microsoft engineer hold software engineering patents and understands a Windows environment well. (Not plugging him just explaining my choice)

Also some brokers have a version of Ninja included I think.
There are many ways one can get set up to trade futures. Can be done with more "bells and whistles " or more streamlined.

I hope this helps. Let me know......

Ron



Sent from my iPhone using futures.io

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #22 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
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Posts: 821 since Oct 2016
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Blash View Post

One reason I use IQFEED is for the excellent market internals and the ones they calculate too, hundreds and hundreds. Great stuff! You can get data included with many brokers but the draw back in my eyes is the lack of market internals which to me are extremely important and I'm blinded to the bigger picture without.

What are some of the market internals you benefit from with IQFEED that you wouldn't get with standard broker data? Is IQFEED a data provider that plugs into the CME exchange? So I would be paying IQFEED for access to the instruments provided on the CME?


Blash View Post
I feel choosing these 3 party tools is a paramount decision. You want to look for quality programming skills. Code introduced into Ninja basically becomes an integral part of it, and any errors wreak great havoc and cause many nightmares. Choose wisely.

I think (from my very limited futures knowledge so far) that I will be heading in the direction of trading directly off the charts with price action and volume analysis. I prefer keeping things as simple as possible and Im not keen on automating anything.


Blash View Post
Also some brokers have a version of Ninja included I think.
There are many ways one can get set up to trade futures.

Im still doing research on the most appropriate platform to use for my circumstances and by no means am I stuck on Ninjatrader. It just happens to be the one Ive installed because it seems to have good reviews on this site. What would you 2nd option be if you couldn't use ninjatrader?

Thanks for your advice thus far.

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  #23 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
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Posts: 821 since Oct 2016
Thanks: 748 given, 1,012 received
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xplorer View Post
In general the other cost (which is not really a cost) is funding the account. But the regular charges are the monthly data fees and commission costs, plus any platform cost you may have

On the ninjatrader site it says '$.53 per contract'. Is this my cost to enter the market and buy a single contract? So a Roundtrip would cost me $1.06 for any contract I wish to trade?

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  #24 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Grantx View Post
On the ninjatrader site it says '$.53 per contract'. Is this my cost to enter the market and buy a single contract? So a Roundtrip would cost me $1.06 for any contract I wish to trade?

Can you post the link where you are seeing this?

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  #25 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
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Posts: 821 since Oct 2016
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xplorer View Post
Can you post the link where you are seeing this?

NinjaTrader License Comparison

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  #26 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 2,995 since Sep 2015
Thanks: 6,443 given, 4,671 received
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Grantx View Post
On the ninjatrader site it says '$.53 per contract'. Is this my cost to enter the market and buy a single contract? So a Roundtrip would cost me $1.06 for any contract I wish to trade?

It looks that way provided you purchase the lifetime license.

I find it odd because for a mere 1,000 USD one would get basically a commission cost close to what people who own/lease an exchange seat would get?

There's probably something else that is not being factored in?


Anyone able to provide an explanation?

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  #27 (permalink)
Elite Member
New York, New Jersey/USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Futures
 
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Posts: 157 since Jan 2013
Thanks: 60 given, 250 received


Grantx View Post
On the ninjatrader site it says '$.53 per contract'. Is this my cost to enter the market and buy a single contract? So a Roundtrip would cost me $1.06 for any contract I wish to trade?

The $0.53 is the NT Brokerage commission, to that you need to add clearing fees, exchange fees, regulatory fees. In total for a lifetime license the commission is $3.62 per round turn for the ES it is more for other contracts. You need to look at the "all in commissions" on the NT web site.

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  #28 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 2,995 since Sep 2015
Thanks: 6,443 given, 4,671 received
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Seahn View Post
The $0.53 is the NT Brokerage commission, to that you need to add clearing fees, exchange fees, regulatory fees. In total for a lifetime license the commission is $3.62 per round turn for the ES it is more for other contracts. You need to look at the "all in commissions" on the NT web site.

I knew there had to be a catch... too good to be true!

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  #29 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,545 since Nov 2011
Thanks: 4,479 given, 2,311 received
Forum Reputation: Legendary

Recommendation for broker/platform/data for scalp/trading stocks


Grantx View Post
What are some of the market internals you benefit from with IQFEED that you wouldn't get with standard broker data? Is IQFEED a data provider that plugs into the CME exchange? So I would be paying IQFEED for access to the instruments provided on the CME?





I think (from my very limited futures knowledge so far) that I will be heading in the direction of trading directly off the charts with price action and volume analysis. I prefer keeping things as simple as possible and Im not keen on automating anything.





Im still doing research on the most appropriate platform to use for my circumstances and by no means am I stuck on Ninjatrader. It just happens to be the one Ive installed because it seems to have good reviews on this site. What would you 2nd option be if you couldn't use ninjatrader?



Thanks for your advice thus far.



Here is a quick video I made for you on my internal from IQFEED...







and here is an example of my data I get from them...(made this IQFEED pic for another post that's why I put a rectangle around the market depth info)



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).




Volume at price is infinitely better IMHO ...meaning volume displayed on the y-axis.



Sierra Charts seems good too. I like the lifetime license deal though. IMHO there is no perfect platform and the grass is never as green as it looks like once you jump over the fence to the other platform. Different group of problem than you had in your old platform and now you have to become familiar with these new issues. 6 of 1 half a dozen of another....pick you poison and stick to it..... type idea.



I am a discretionary trader.



Ron

Edit: grammar

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; January 18th, 2017 at 09:23 AM.
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  #30 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES
 
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Posts: 1,258 since May 2010
Thanks: 153 given, 1,889 received



Grantx View Post
Am I correct in saying that in order to trade futures I need the following:
1. Pay for a platform such as ninja trader. $900

For clarification, NinjaTrader can be acquired in various ways.
  • Fully functional simulation only - Always FREE
  • Basic live trading version - FREE (with NinjaTrader Brokerage account)
  • Live trading version lease - $60 per month paid quarterly
  • Live trading version lifetime license - $999

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
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